1998 (3) TMI 44 - HC - Income Tax

Summary

The High Court of Kerala upheld the Income-tax Appellate Tribunal's decision regarding the annual value of a property let out by the assessee to a company. The Tribunal ruled that there was no need to invoke section 23(1)(a) of the Income-tax Act, 1961, to estimate the rent. The court answered question No. 1 in favor of the Revenue. Questions 2 and 3 were not addressed as they were not pressed by the standing counsel. The Appellate Tribunal was directed to redetermine the annual value of the property based on section 23(1)(a) of the Income-tax Act.